Thanks to the Internet, efficiency and speed have become necessary ingredients of brand strategy. Coupled with the ever-changing world outlook due to COVID-19, adaptability and speed are mission-critical investments for a company. Consumers expect brands not only to be aware of the changes but to keep up with them too.
This article will discuss the importance of speed and efficiency in making brand decisions – especially when navigating the unknown – as well as how being able to gather insights from your customers efficiently can help you make those decisions.
How to quickly pivot your marketing strategy
Brands had to quickly scramble to react to COVID-19 through commercials and other marketing strategies, leaving them with minimal time to test these concepts with their consumers and few insights to help them make a decision.
The quick scramble paid off for some companies, such as Nike and Ikea who both created commercials that emphasized healthcare guidelines while staying true to what their brands ordinarily encapsulate. However, others fell victim by jumping to react like BrewDog’s heavily branded hand sanitizer launch that was perceived as self-serving. All BrewDog needed to avoid this snafu was a quick pulse check with their customers.
The need for agile insights
Commercials aren’t the only element worth getting quick customer feedback on. Because of COVID-19, we’ve seen purchase behavior change, an increase in digital media consumption, and emerging opportunities for every type of business. Now more than ever, experience managers need to be able to collect consumer patterns fast, so they can provide customers with the support, product, or message that will meet their rapidly changing needs and preferences.
As budgets get reduced and spend gets channeled elsewhere, companies can’t afford any costly missteps. What consumers want to see varies from brand to brand; some want to see a donation of supplies, others want to see protections rolled out for products, and a third are interested in promotions and discounts. The only true way to know what your customers want is to ask them directly.
Do consumers want to be researched during COVID-19?
According to Fuel Cycle’s most recent Economic Pulse Survey, 75% of respondents believe brands should continue running consumer research during the crisis. Given this response, brands have the green-light from their consumers to continue their market research. With many people stuck at home and looking for new ways to fill their time, there may be an influx of interest in helping brands shape the future by participating in market research. For marketers, gathering research during this time could deliver new insights into how we market in the new normal
The need for reliable insights
With uncertainty in the present, consumers are looking toward brands to take the lead when it comes to defining what the future will look like. Understanding what your audience is doing now is a great foundation, but that isn’t enough. As we enter this new normal, consumer habits are going to continue to change and businesses need to anticipate them so they can plan accordingly. For instance, the upcoming holiday season is going to be totally different – so how will you plan to engage your consumers while making sure you’re meeting their needs?
According to the Robot Report, while efficiency and speed are crucial, it is important to have these metrics backed by an even more essential one: reliability. Luckily, with research automation and AI growing more advanced all the time, you don’t have to compromise reliability for speed.
How Fuel Cycle Can Help
Fuel Cycle’s experience management platform is equipped with AI-powered quantitative and qualitative reporting features that analyze your data as soon as it’s collected. Plus, we are extending four standard offers of help to support businesses through this transitional time.
To learn more about how Fuel Cycle’s experience management platform can connect you with your customers and retrieve answers within hours, schedule a demo today.